By M&C Report team2010-08-19T08:33:00+01:00
Hospitality and retail businesses will benefit from a freeze to the business rates multiplier, though the move announced in chancellor Rishi Sunak’s spending review falls short of wider relief of the controversial levy.
The proposed tightened tiered system is a “straitjacket” on hospitality businesses and will destroy the sector if they go ahead, industry trade bodies have warned.
Chancellor Rishi Sunak suggested the 10pm curfew on pubs and restaurants will be lifted after lockdown, but warned that areas should prepare for tougher local restrictions.
England will be left with just a fraction of its pubs being able to trade in conditions resembling normal, the country set to go back into “lockdown in all but name”.
Hawthorn is an ambitious company, that’s something chief executive Mark Davies is very clear on. Speaking to MCA following the group’s half-year financial results, which reported its 700-strong estate had outperformed the market for the six months to 30 September 2020, Davies is in the enviable position of being able to look ahead, and he isn’t holding back in his plans for the business going forward. “We want to be the number one community pub company,” he says. “If anything, the pandemic has endorsed our strategy of focusing on community pubs, and our intention is to keep at it. We have the team to do it and the desire, so watch this space.”
Fuller’s has said sales for the first half of the year (for the 26 weeks to 26 September 2020) hit £45.6m, down from £167.1m it made last year. It also reported an adjusted loss before tax of £22.2m compared to a profit of £17.9m last year. “The tightening of the tier system will present further challenges over the winter months, but we welcome the Prime Minister’s comments that we will see the need for restrictions fall away in the spring,” said CEO Simon Emeny. “When the current lockdown was announced, we acted swiftly to implement the lessons learned last time round and this latest closure has been made with minimal stock losses.
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